The purchaser brought a motion for summary judgment in litigation arising from a failed commercial real estate transaction, seeking dismissal of the vendor’s action and return of a $250,000 deposit.
The purchaser argued it was justified in refusing to close due to alleged breaches including lease modifications without consent, misrepresentation of the rent roll, failure to deliver estoppel certificates, and absence of required personal guarantees.
The court held that the alleged deficiency regarding guarantors did not justify refusal to close and that the individual signatory purchaser had been released from liability through a valid assignment to a corporate purchaser.
However, genuine issues requiring a trial remained regarding alleged contractual breaches, the forfeiture or return of the deposit, and related claims including a third-party claim against the purchaser’s lawyers.
Partial summary judgment was granted dismissing the action against the individual purchaser, but the remaining issues were directed to trial.
